Refrigeration
is progressing as a keystone of a supermarket to sell fresh goods. Currently,
supermarkets and grocery stores are focusing on energy efficiency coupled with
refrigeration to withstand the competency around. Because of this, the
acceptance of commercial refrigeration in the supermarket sector is going to
determine the future for the same. The concept of saving energy in the
supermarkets has been acting as a significant factor for innovating commercial
refrigeration technology. Moreover, passionate store owners are considering
efficiency on a higher priority to invest in commercial refrigeration
equipment, especially for either the frozen foods or prepared foods. Besides,
businesses are willing to invest in new energy-efficient appliances as they
encourage energy savings and supports a healthy financial return as well.
Increase in refrigeration necessity at every food-service operation is driving
the commercial refrigeration equipment market demand worldwide. Commercial
grade refrigerator plays a vital role in a food service establishment as it is
useful to store ingredients, leftovers, sauces, and frozen meals.
Additionally, it helps preserve perishable foods and also
in eliminating waste as well. The food-service providers widely accept this
equipment as it maintains the food at safe temperatures, thereby offering convenient
features such as adjustable shelves, wheels for transport, and LED lighting.
This refrigeration equipment is gaining traction from bar, bakery, convenience
store, restaurant, and sandwich shop owners because it supports a successful
business operation. As a result, the global Commercial Refrigeration Equipment Market size stood at $34.5 billion in 2018 and is projected to grow at a
progressive CAGR of 5.9%, over the forecast period 2019-2025.
At present, to run a profitable commercial kitchen, commercial
refrigerators are imperative. Increase in demand for food-service everywhere
has been influencing the emergence of a wide variety of refrigeration equipment
for different purposes, which include cooling, preparation needs, and food
storage. Hence, there is a growth in the requirement of this equipment, which
is leading to an expansion in the commercial refrigeration market size.
Freezers, display chillers, bar units, upright chillers, and island units are
the most extensively used commercial refrigeration equipment to tailor every
hospitality need. Moreover, the wide range of use of food and beverage storage
equipment is boosting the adoption rate of refrigeration equipment in
restaurants, catering establishments, hotels, and fast-food outlets. Thus, the
manufacturers are involved in creating novel designs of commercial refrigerant
equipment such as refrigerators, freezers, transportation refrigeration,
refrigerated display case, beverage refrigeration, ice cream merchandiser, and
a refrigerated vending machine to meet the changing customer’s demands.
Presently, these equipment are available in varied upright and counter styles.
Blast chillers, freezers, and food server equipment are produced especially for
hot food storage and plating-up. Currently, commercial cabinets which are
manufactured using efficient and powerful refrigeration units are highly
preferred by the distribution channel owners. This is because it is easy to
operate these cabinets even in high ambient temperatures and also with the latest
hydrocarbon energy-efficient refrigerant R290.
Commercial Refrigeration
Equipment Market Trends 2019:
· Refrigeration is playing a crucial role in the global
economy, due to its significant contributions in health, food, thermal comfort,
and environmental protection areas.
· Plant-based foods such as meatless burgers along with
the consumer shift towards the vegetable-based food are increasing the
requirement of commercial refrigeration equipment. In addition to this, Bill
Gates, Leonardo DiCaprio, and Richard Branson million-dollar investments into
plant-based protein substitutes are also contributing to freezer space.
Plant-based products prominence in the menu space of restaurants and
food-service operations is enhancing the necessity of refrigeration equipment
at the same.
· Prevalence of deep food traditions such as Filipino and
Israeli cuisines, as they mainly focused on fresh ingredients. Thus, the need
for serving the cucumber and tomato salads by preserving them under optimal
condition using commercial refrigeration is in demand.
· Hyperlocal sourcing deals with the growth of herbs in a
greenhouse behind the bar, vegetable gardens near the restaurant parking lot,
which leads to fresh foods and food waste reduction. Hence, it needs commercial
refrigeration to preserve fresh ingredients for a long time and also to ensure
safe food-service. These requirements are boosting the growth of the commercial
refrigeration equipment market.
· A new era of traditional refrigerator drifted from
refrigerators with top-mount freezers to sleek bottom-freezer units, hybrid
French door models, and professional side-by-sides. It is owing to the
manufacturer’s attentiveness in designing today’s energy-efficient
refrigeration appliances, which in return offers energy savings.
Convenience Stores
Gaining Traction from Millennial and Online Retailers:
Convenience stores are identified as the fastest-growing
application of commercial refrigeration equipment market. It is set to grow at
a CAGR of 6.5% through to 2025. This is due to the rise in demand for unique
refrigeration essentials such as beverage coolers, beer caves, deli cases, and
reach-in displays more in convenience stores compared to hotels &
restaurants, supermarkets & hypermarkets and bakeries. Recently, Amazon
announced that it is going to grow its line of Amazon Go convenience stores
shortly in America. Footsteps of e-commerce retailers towards the convenience
stores are fuelling the demand for refrigeration equipment, which in turn
results in the growth of the global commercial refrigeration equipment revenue.
Commercial Refrigeration
Market Dominating in North America Region:
North America occupied a leading share of 35% among other
regions in the global commercial refrigeration equipment market, as of 2018.
7-Eleven, Alimentation Couche-Tard Inc., Speedway LLC, Casey's General Stores
Inc., Murphy USA Inc., GPM Investments LLC, BP America Inc., EG Group, Wawa
Inc. and Extra Mile Convenience Stores LLC are the major convenience store
chains which are operative in the U.S., as of 2019. Availability of these
stores offers benefits to travelers as they provide ready-to-eat and prepared
foods on a large scale to fulfill the customer’s hunger in a short span. In addition
to this, these stores attract a large number of customers daily with popular
food items, long hours of operation, and also with their presence in convenient
locations. According to the National Association of Convenience Stores, 153,237
convenience store channels are present in the U.S. up to 2018. This count of
convenience stores is increasing the need for a significant number of
commercial refrigeration equipment such as highly efficient refrigeration and
freezing systems at the same, to satisfy the demand of customers. On the other
hand, trails involved in raising the number of footfalls at the convenience
stores have been contributing to the growth of the North America commercial
refrigeration market. Texas, California, and Florida are the top three states
which hare experiencing the growth mostly from the large convenience store
chains. New entrants from the global companies, specifically in Chile and the U.K.
to the U.S. market are increasing the scope of opportunities associated with
the commercial refrigeration market.
Major Players in
Commercial Refrigeration Equipment Market Include:
Carnot Refrigeration, Carrier Corporation, Emerson
Electric Company, Daikin Industries, Ltd., Hussman Corporation, Bharat
Refrigerations Pvt. Ltd., Henry Technologies, Johnson Controls, Evapco, Inc.
and The Danfoss Group are some of the primary players which are operating in
the global commercial refrigeration equipment market. These companies have been
continuously concentrating on acquisitions to strengthen their customer base in
respective geographies.
Business Strategies
Impacting Commercial Refrigeration Marketplace:
· In 2019, Whole Food Market Daily Shop inaugurated a new
convenience store in Chelsea. This store is majorly sorted with Whole Foods staples,
grocery items, prepared foods, pet food, and fresh produce such as mangos and
avocados, travel-sized products. It also has a curated flower section. It is
mainly focusing on local products and driving the necessity of refrigeration
equipment in the America region. Recently, this shop has joined into the list
of Amazon’s brick and mortar concepts in New York City. Thus, the foot-step of
an online retailer is influencing the growth of the commercial refrigeration
equipment market in the U.S.
· AHT Group is one of the leading companies in the
European commercial refrigeration market. In 2018, Daikin Industries, Ltd.
acquired AHT Group by signing an agreement for an amount of 881 million Euros.
This agreement is aimed to expand the commercial refrigeration market revenues
of Daikin in addition to its refrigeration showcases segment. Daikin is adding
AHT showcases to its product and service portfolio related to its air
conditioning and refrigeration equipment through this acquisition.
Furthermore, it enables the company to be a one-stop
provider of refrigeration products and also to solidify Daikin's business
foundation in Europe. On the other hand, it is promoting the full-scale
expansion of Daikin’s refrigeration business in both the U.S. and Asia. This
business expansion is reflecting the demand influx in the commercial
refrigeration equipment market.
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